Rajesh Power Services wins ₹21,168 crore OPTCL order

Deal announcement and why it matters

Rajesh Power Services on Wednesday announced that it has obtained new contracts valued at ₹21,168 crore from Odisha Transmission Corporation Ltd (OPTCL). The company said the work relates to building a 220 kV underground transmission line in Odisha. The contract also includes substation-related augmentation works. The announcement is significant because the company described this as its first entry into Odisha. It also called the OPTCL order one of the largest it has received in the transmission sector.

What the OPTCL contracts cover

According to the company statement, the contracts pertain to establishing a 220 kV underground transmission line linking Grid Substation Mendhasal to the Gas Insulated Substation (GIS) Chandaka B in Odisha. The scope also includes expansion of the Air Insulated Substation (AIS) bay at Mendhasal. In addition, it includes expansion of the GIS bay at Chandaka B. The stated work indicates a combination of cable-based transmission execution and associated substation bay expansion.

Odisha entry expands geographic footprint

Rajesh Power said the order marks its inaugural foray into Odisha and broadens its operational reach across India. The Managing Director, Kurang Panchal, indicated the OPTCL award is an important milestone and supports the company’s expansion into Odisha, as per the statement. While the company did not disclose an execution timeline for the OPTCL work in the provided text, it positioned the award as strategically important. The Odisha win also sits alongside other reported orders across Gujarat and other regions, indicating a widening client and geography mix.

What Rajesh Power Services does

Rajesh Power Services Ltd provides engineering, procurement, and construction (EPC) services in the power transmission industry. It also undertakes EPC work in power distribution, including GIS and AIS substations, high-voltage cables, and transmission lines. The company delivers end-to-end solutions including design, consultancy, procurement, project execution, and testing and commissioning on a turnkey basis. It also provides operation and maintenance (O&M) services for solar plants.

Order book position and growth context

The company “showcased impressive financial growth”, reporting a 52% year-on-year revenue increase, driven by a strong order book of ₹3,326 crore, particularly in the power distribution segment. As of March 31, 2026, Rajesh Power’s unexecuted order book stood at ₹3,326 crore. The text also notes a perceived shortfall versus a targeted order book of ₹4,500 crore. Separately, the unexecuted order book including L1 orders stood at ₹3,502 crore as of September 30, 2025, providing revenue visibility for coming periods.

Other recent contracts and MoUs mentioned

Alongside the OPTCL work, the provided information lists multiple contracts and strategic wins across transmission and distribution. A GETCO contract valued at ₹40.08 crore involves supply, installation, testing, and commissioning of a 220 kV underground cable at the proposed 220 kV Dholera Substation. Another contract from East Central Railway, valued at ₹45.16 crore, relates to a 132 kV transmission line and associated line bays at GSS Nabinagar substation. The company also signed multiple MoUs with the Government of Gujarat at the Vibrant Gujarat Regional Conference 2025, valued at ₹4,754 crore, aimed at converting overhead high-tension (HT) lines into underground cable networks across Gujarat.

Distribution modernisation and GIS segment push

Rajesh Power also reported a strategic entry into the 400 kV Gas Insulated Substation (GIS) segment, securing orders worth ₹278 crore. It also secured new turnkey orders worth ₹922 crore from Uttar Gujarat Vij Company Limited (UGVCL) for converting 11 kV HT overhead networks into underground cable systems and installing 11 kV MVCC across various UGVCL circles. In another disclosed order, Rajesh Power received a ₹220.18 crore turnkey contract from Madhya Gujarat Vij Company Limited (MGVCL) under the Kisan Suryoday Yojana (KSY) and Vanbandhu Kalyan Yojana (VKY-2) schemes, with a nine-month execution period, for supplying and commissioning 11 kV MVCC across Gujarat.

Key numbers at a glance

Market impact

The OPTCL announcement reinforces the company’s positioning in underground cabling and high-voltage substation-associated execution, especially with a 220 kV underground transmission line and bay expansions. It also adds an Odisha-based utility client to a list that already includes Gujarat utilities and institutional customers mentioned in the text. In the context of an unexecuted order book reported at ₹3,326 crore as of March 31, 2026, a large transmission-sector order can influence future execution mix between transmission and distribution. The company has also flagged tender visibility, stating it is eyeing tenders worth approximately ₹5,000+ crore, alongside reported H1FY26 new contract wins exceeding ₹2,275 crore (including GST).

Analysis: what the OPTCL win signals

The Odisha contracts matter because they combine high-voltage underground transmission execution with substation augmentation, aligning with the company’s disclosed capabilities across HV cables, GIS/AIS substations, and turnkey delivery. The company also frames the award as a geographic expansion, suggesting intent to move beyond its existing strongholds. At the same time, the text points to a targeted order book of ₹4,500 crore, implying management focus on scaling the pipeline. The mix of MoUs (₹4,754 crore) and repeated undergrounding and MVCC work across Gujarat utilities indicates sustained emphasis on distribution modernisation and underground conversion projects.

Conclusion

Rajesh Power Services’ stated ₹21,168 crore OPTCL contract win covers a 220 kV underground transmission link and related AIS and GIS bay expansions, and marks its first entry into Odisha. The announcement comes alongside disclosures of an unexecuted order book of ₹3,326 crore as of March 31, 2026, and other recent wins across transmission and distribution. Investors and sector watchers will track subsequent updates on execution schedules and any further order inflows, including progress against the company’s stated order book target of ₹4,500 crore and tender pipeline of approximately ₹5,000+ crore.